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UK
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31 August 2005
Paddy Power Sees Online Business
Race Ahead
Bookmaker
Paddy
Power today hailed
the online gambling craze as it generated most of its
profits away from its high street betting shops for the
first time.
The group said its
non-retail businesses accounted for 63% of operating profits
of 17.8m in the six months to June 30, compared with
one-third of the 18.2m earned last year.
Online poker has emerged
as a global phenomenon over the past few years and Paddy
Power launched its own version for the game during the
period, enjoying strong growth over summer.
The potential rewards for
firms and investors were underlined when PartyGaming - the
world’s biggest online poker firm – floated in
London this year and has seen its value rise to £6.34bn
(9.26bn).
Paddy Power already has
74,000 customers gambling via the web, with two-thirds in
the UK, and operates an online casino as well as telephone
betting.
The growth in non-retail
businesses helped to shield Paddy Power from the impact of a
poor run of results in the big horse races in the first six
months of this year when many of the favourites romped
home.
Finance director Ross
Ivers said: "We are now reaping the rewards of our strategy
of investing upfront in our start-up businesses with our
online channel now generating record earnings and set for
continued expansion."
In addition to the 145
betting shops here in Ireland, Paddy Power currently has 35
sites in the UK and holds licences to open a further 14
shops.
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